2008 (10) TMI 99 - HC - Income Tax

Exemption u/s 54 - assessee purchased two residential flats adjacent to each other - assessing authority gave exemption for capital gains to the extent of purchase of one residential flat on ground that section 54(1) does not permit exemption for the purchasers for more than one residential premises – purchase of two flats which were combined to make one residential unit - held that two flats has to be treated as one single residential unit and that the assessee is entitled for full exemption